Mazars released its global financial results this week and as is tradition, there is a press release celebrating it.
Mazars, the international audit, tax and advisory firm, today releases its global financial results for the 2021/2022 financial year, highlighting double-digit year-on-year growth of 16.4%, reaching €2.45bn in fee income. The increase in revenue comprises strong growth across all regions and services, both audit and non-audit (full details below).
We’ll save you scrolling through multiple paragraphs of CEO and Chairman of Mazars Group Hervé Hélias stroking himself off over proudly touting the firm’s strong international position, uniquely integrated model, and diverse portfolio of services and just skip straight to the highlights. Just imagine this guy is delivering these bullet points directly to you.
- Fee income as at 31 August 2022: €2.45bn ($2.61 billion USD)
- Double-digit year-on-year growth at 16.4%, including forex impact of +2.9% and 13.3% organic growth
- Growth in service lines:
- Audit (43%) +15.5%
- Consulting (11%) +9.6%
- Financial advisory (8%) +29.7%
- Legal (2%) +18.6%
- Outsourcing (18%) +14.3%
- Tax (18%) +15.9%
- Growth in regions:
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- Africa & Middle East +21.7%
- Americas +22.4%
- Asia Pacific +17.1%
- Europe +14.6%
- Six new countries in Mazars’ integrated partnership: Bosnia and Herzegovina, Burkina Faso, Latvia, Lithuania, North Macedonia and Zimbabwe.
The firm included this note under Audit: Mazars audits 2,700 public interest entities worldwide, of which 1,300 are headquartered in Europe and 960 are listed on a regulated market, including 480 listed in Europe. Mazars is ranked fifth in the European audit market for listed European companies.
“2022 was an eventful year that tested the agility of companies everywhere,” said cool European dude. “These disruptions, coming on top of longer-term trends including digitisation and sustainability, can be challenging, but they also offer vast opportunities to grow, develop and explore new ways to create value. In this unsettled context, Mazars’ role, more than ever, is to be a trusted partner to clients.”
In the United States, Mazars has put any icky associations with controversial former presidents behind them to focus on growth:
Growth in the US spanned all our key sectors and service lines across Public Interest Entities and Privately Owned Business. The Mazars international platform is a key differentiator in achieving growth from existing and new clients. In 2022, our growth was boosted by the expansion of our capabilities, teams and service offerings in several tax specialties; risk and cybersecurity; transaction services; and audit services. We also launched ESG as a new service offering with a focus on helping clients develop and implement sustainability strategies and business models aligned with ESG best practices. Additionally, the recent acquisition of Boston-based professional services firm Samet & Co. significantly increases our footprint in the northeastern US. The acquisition adds over 65 professionals in Massachusetts to the Mazars team.
“Our revenue growth in 2022 demonstrates how we effectively delivered against our strategic plans by providing high-quality solutions across our service lines and sectors in key US markets,” said Victor Wahba, Mazars US Chairman and CEO. “We made significant investments improving our technology and growing our teams to support the dynamic, ever-evolving needs of our clients. We will continue to invest in the professional development of our people, digitization, and technology to ensure continued and sustainable future growth.”
Mazars reiterates that the foundation of its 2022 growth lies in the grab bag of professional services currently on offer at the firm. The firm is convinced this diverse portfolio is essential to the quality of audit, the relevance of the services rendered to clients, the attraction and retention of the best talent and, ultimately, the public interest, read the press release.
Talent got a small mention at the very bottom of the press release, under the “Beyond financials: technology and sustainability as key business priorities to retain talent, foster quality and enhance client experience” section. The firm says that it is investing in technologies that both improve the client experience as well as enhance the work of its auditors, the latter supposedly being something that entices young auditors to come work for the firm that has the coolest toys.
City A.M. took an optimistic view of Mazars’ results, saying its 37% audit business growth in the UK “pushes to tackle Big Four’s dominance.” The smallest Big 4 firm across the pond is KPMG UK with £2.7 billion ($3.25 billion) in revenue, an increase of 16% in the 12 months to September 30 2022. Mazars UK business meanwhile brought in £274 million ($329 million), though overhead increased to £69.7 million due in part to the 1,000 people Mazars hired. So a challenge to Big 4 is quite a ways off, we’d say.
Mazars’ record global revenues confirm strength of its international, integrated, multidisciplinary strategy [PR Newswire]
